After decades of industrial decline, the northern English city of Liverpool's cry of Help! is being heard as tourists flock to the home of The Beatles.
The recession-hit city's struggling economy now receives an infusion of hundreds of millions of pounds a year as a result of visitors drawn to Liverpool by the pull of the world's best-selling pop group, local government agencies estimate.
Beginning tomorrow, an expected 50,000 Beatles fans will Come Together in Liverpool to celebrate the annual International Beatles Week. Despite the fact the band has not played together since the end of the 1960s and two of its members, John Lennon and George Harrison, are dead, The Beatles' home town still attracts fans from regions all over the world.
According to Cavern City Tours, the company that has been organising International Beatles Week since 1986, the global reach of the internet is helping Liverpool attract interest from regions as far away as the Arabian Gulf states and beyond.
Indeed, to celebrate the band's 50th anniversary last year, the wonderfully named Duck Chowles brought his tribute act called The Fab Four to Dubai play sell-out concerts featuring The Beatles hits.
In addition, thousands took the chance to revel in Beatlemania when the luxury retailer Harvey Nichols celebrated the occasion by bringing a taste of Liverpool's award-winning Beatles Story attraction to the Emirate.
The Hidden Gallery, part of the travelling exhibition was unveiled in Harvey Nichols Dubai in Mall of the Emirates in May last year, featuring recently discovered photographs of The Beatles shot in 1963 and 1964. There was even special Beatles memorabilia on sale in a unique pop-up shop located on Level 2.
"The internet and social media has provided a huge boost to our profile and marketing over the past 10 years and has enabled us to reach out and contact the world's media, travel trade and travellers in a way we have never been able to do before," says Dave Jones, a director of Cavern City Tours, which also sells all kinds of Beatles memorabilia, ranging from key rings and T-shirts to jigsaw puzzles.
The Beatles' music is also being made available to a wider and more international public than even before through sales of digital music over the internet.
Following several legal battles with the US tech giant Apple, including a US$26.5 million settlement from the iPhone maker in 1991, Apple and Apple Corps, The Beatles-founded record label, announced a settlement of their trademark dispute in 2007, under which Apple took ownership of all of the trademarks related to "Apple" including Apple Corps logos.
In November 2010, Apple launched an extensive advertising campaign that announced the availability of The Beatles' entire catalogue on iTunes.
Apple iTunes has sold 2.8 million Beatles singles and 585,000 albums around the world since ending the legal struggle over ownership of the Apple Corps brand name, which began in 1978.
According to VisitBritain, part of the British Tourist Authority, Liverpool's local economy can rest assured Here Comes The Sun. The city is now the fifth-most visited in Britain by overseas travellers, attracting more than half a million visitors from abroad every year, many flying through the renamed Liverpool John Lennon Airport.
In keeping with The Beatles' ever-growing global fan base, Cavern City Tours, named after the sweaty 1960s Liverpool nightclub where The Beatles first made their name, is determined to make International Beatles Week truly international.
There will be 78 groups from 23 countries giving a total of 500 performances throughout the week. Many are tribute bands, which try to replicate The Beatles' long ago live performances in detail.
"Our market is global and the demographics are basically anyone from the age of five to 80 who enjoys British popular music of the last seventy years," says Mr Jones.
According to the Recording Industry Association of America (Riaa), The Beatles are the best-selling band in the United States, with 177 million certified units.
They have had more number-one albums on the British charts and sold more singles in the UK than any other act.
The statisticbrain.com website, citing Riaa, EMI and Apple Records as its source, says that as of April last year, the band had sold 2.3 billion albums worldwide.
"It is estimated over two million visitors a year come to Liverpool because of The Beatles. Our own operation trades 364 days a year," says Mr Jones.
According to the Liverpool City Region Local Enterprise Partnership (LEP), the two million visitors drawn to the city by the fact that it spawned The Beatles spend about £400 million (Dh2.29 billion) a year while visiting. The city also has other draws for national and international visitors, including two world-class football clubs, Liverpool and Everton, as well as two internationally renowned horse racing courses, Aintree and Haydock Park.
Liverpool's overall revenue from all visitors is estimated to be well over £3bn a year. About 43,300 jobs in the Liverpool city region are supported by tourism expenditure.
Liverpudlians, as residents of the city are known, are well aware of the growing importance of the role of the "Fab Four" in putting their city on the 21 century world map.
According to a poll conducted by the LEP recently, the same number of Liverpudlians - 17 per cent - voted for The Beatles as voted for football as the city's biggest brands.
And it looks as if the new international brand of Beatlemania is set to grow following the acquisition of Beatles record label EMI by Universal Music Group (UMG).
UMG intends to exploit The Beatles brand to drive new revenue from merchandising The Beatles products alongside the music.
"All of us at Universal Music Group are very excited about extending our relationship with The Beatles' iconic brand to include both merchandise and their legendary recordings, and about the potential for innovative marketing of creative new products," says Lucian Grainge, the chairman and chief executive of UMG.
The largesse of the global army of fans of the four Mop Tops is not solely Being For The Benefit of Mr Kite.
The two remaining band members have also enjoyed a huge slice of the revenues the group generates.
In April, the UK's Sunday Times estimated Paul McCartney was worth some £680 million, although he has enjoyed significant success as a musician since The Beatles split.
Ringo Starr, meanwhile, has had a few jibes to contend with along the way.
At the height of the band's fame, a reporter posited the theory that perhaps he wasn't the best drummer in the world, to which a razor-tongued John Lennon replied: "Best in the world? He's not even the best in The Beatles."
Still, with an estimated £160m in the bank today, any hurt feelings must be Getting Better.
business@thenational.ae
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)
Company%20profile
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Company%20profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
CONFIRMED%20LINE-UP
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ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Company%20Profile
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Company profile
Name: One Good Thing
Founders: Bridgett Lau and Micheal Cooke
Based in: Dubai
Sector: e-commerce
Size: 5 employees
Stage: Looking for seed funding
Investors: Self-funded and seeking external investors
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
The Disaster Artist
Director: James Franco
Starring: James Franco, Dave Franco, Seth Rogan
Four stars
Company%20Profile
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Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
The%20specs
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”